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's revolve has forced the republican's hand on the debt ceiling. and later in this hour, wayne lapierre, the lobbyist who makes sure that mass murderers have the most weapons, will make a statement in response to the president's inaugural address, in which of course the president said absolutely nothing about gun ownership or the second amendment. >> our conversation will look to vote on a measure tomorrow. >> the short term raise for the debt ceiling. >> three-month extension of the debt ceiling. >> temporary extending for debt ceiling. >> what is the republican strategy here? >> three months is not good enough. >> they may not even vote for this. >> it is about time we come together, do our work. >> the partisan lines just got deeper. >> john boehner has an 18% approval rating. >> the debt that is crushing the future for our kids. >> this is a party, a retreat. >> a retreat of sorts. >> they may not even vote for this. >> it really is unacceptable. >> they will evolve or die, it is that simple. >> it will stand out as one of the great days. >> today marks 40 years. >> the 40th anniver
republicans briefed reporters on a vote on the debt ceiling. the house will vote wednesday on a measure that will occur -- extend the debt limit until may 19. included is a provision that if congress fails to pass a budget by april 15, lawmakers salaries will be held in escrow. this is 10 minutes. >> good afternoon. good evening. >> hard-working taxpayers understand that they have to balance their budgets from every week to every month. they also believe it's time for washington to balance its budget. over the last four years, house republicans have offered plans. our budget plans. we have done our budgets, but it's been nearly four years since the senate has done a budget. most americans believe if you don't do your job, you shouldn't get paid, that is the basis for no budget, no pay. it's time for the senate to act. chairman paul ryan has worked hard with the budget committee to outline the kind of reforms we would put in place to bring real fiscal responsibility here in washington. and the american people understand that you can't continue to spend money that you don't have. it's tim
the issues. i think it will help us avoid future debt ceiling crises if we know we got some manageable plan and each side has staked out a commonality, no doubt,nd i think we'll move forward. you know, until the senate actually gets in the game i happen and i do think that's people. i commend you very much. balance of my time. >> thank you very much, mr.>> thank you, mr. chairman. mr. chairman, you talked at the very beginning of your remarks about a deliberate tif process, how important that was. and mr. ryan talked about regular order. we're all for that, but we're beginning not with a deliberative process and this is not regular order. this is not the product of a deliberation in the ways and means committee and hearings and markups. this really is kind of a back room deal that -- i first read about it when you were on your retreat. so we begin on that note, and i think one way to avoid that characterization would be to agree to what mr. brady asked for is an open rule. i'd ask both of you, mrs. miller, mr. ryan, whether or not you would favor an open rule here so we can have a deliberat
ceiling fight. >> i think there's going to be a whole new field of battle when the debt ceiling rolls around. >> our opportunity here is on the debt ceiling. this is where we have leverage. >> remember that the gop vowing to hold the country hostage for cuts? they had the leverage, getting ready to fight. speaker boehner even tried his hand at extortion saying, "there's a price for everything." but, now, here comes the cave. today, republicans in the house voted to suspend the debt ceiling. what about the hostage-taking? not this time. and remember all the usual bluster in those press conferences of theirs? today, the gop leaders ducked the press. only a few print reporters, boehner's camera man and a lone fox news camera were there to capture their comments in their entirety. huh? so why the sudden change? >> the full faith and credit of the united states of america is not a bargaining chip. we are not a deadbeat nation. >> they will not collect our ransom in exchange for not crashing the american economy. what i will not do is to have that negotiation with the american people. we're
with this issue. it will be thought of as a responsible not raise the debt ceiling. in my view, it is changing the way we do business here, starting with the approval of the budget. it is compassionate to spend money, how can it be compassionate that is the next generation. there is no question but what the debt and deficit is a drag on that opportunity. we have a responsibility for american citizens to right this wrong. >> said on the senate budget committee and i can say that the most disappointing part of having served the last two years is a relatively new member, it blows my mind that the senate democrats were not willing to do a budget when you're over $16 trillion in debt. we talked about the ipad that has come into existence during the 40 or so we haven't had a budget. i have a 5-year-old son named jacob. so most of his lifetime we have not had a budget. the failure to prioritize spending. and i think about that, i know it's about him. if we can do a budget for this country and we can't prioritize spending and have a fiscal blueprint, to make sure that we get ourselves on a responsible
vote wednesday on a three-monnh extennion of the debt ceiling - but with a stipuuation the senate passes a budget in the next few months.the white houue says it's ready to work towards something lasting.what we support is a long-term raising of the debt ceiling ssothat we don't have any doubt or the global economy about the simple proposition thattthe unitte states always pays its biilsalso on the ppesident's ccmprehensive immigration reform.and nnthe aftermath of the newtown, connecticut sshool schooting - a push for congress to pass tighter gun pontrol laws.in washington, i'm tory dunnan. 3 the presidenn mmy have a llt of convincing to do... if he wwnts his second--erm agenda to pass passright now...51--ercent off people apppove of the jjb he president is doing.43 perceet disapprove. disapprove....and president obbma...has the 3rd áworstá job approval ratiig for his first term......of any president after world war 2. the avvrage for his first teem wass499point-1.just gerald ford and jimmy ccrter fared 3 coming up innour 6 o'clock hour... 3
strong. now interesting note on the republicans. on the other hand they caved on the debt ceiling. so why did they cave on the debt ceiling. we have an expert on that. i think that's really interesting, and what do they plan to do on the budget fights instead. and then there is an unbelievable documentary on how wall street got away with clear criminal action. it's a devastating story. i can't wait to share it. >> jennifer: all right. cenk uygur "young turks" at the top of the hour. thanks, cenk. >> thank you. >> jennifer: now we're going to turn to a story about equality. located in the nation's capitol, washington national cathedral is the sixth largest cathedral in the world, and the second largest in the united states. it was built in 1792. it is magnificent. it has hosted many important events. it is also a place where local d.c. resident goes to pray and baptize their children and get married. and now for the first time in the institution's more than 200-year history, gay couples can officially get married at the cathedral too. here to tell us about this exciti
: the white house says president obama won't "stand in the way" of the short-term increase in the debt ceiling that's been proposed by house republicans. the move to extend the nation's borrowing limit for three months is set to come to a vote tomorrow. and that news has reassured markets that the risk is fading that the u.s. will default on its debt for the first time in its history. darren gersh reports. >> reporter: house speaker john boehner said republicans were willing to suspend the debt ceiling for three months. sending democrats to act. >> it has been nearly four years since the senate has done a budget. most americans believe you don't do your job, you shouldn't get paid. that's the basis. no budget; no pay. it is time for the senate to act. >> reporter: the white house called the move by house republicans "significant," though the administration still argues a short-term extension of borrowing authority does not go far enough. >> what we support is a long- term raising of the debt ceiling so that we don't have any doubt or uncertainty for businesses or the global economy about the s
23. house will vote today on raising the debt ceiling. secretary of state hillary clinton testifies before house and senate committee today about the september terrorist attack in benghazi, libya. republicans are talking about their own priorities and reacting to president obama's inauguration speech. we're like to hear your advice for the president for his second term. here are the numbers to call. you can also find us online. share your comments over twitter or join the conversation on facebook. you can also e-mail us. we're asking you this morning your advice for the second obama administration. isedobama speech rate stark choices, says the new york times. we would like to hear from you this morning, what you think republican options are and what your advice is. here's what's happening on capitol hill today. house gop poised to extend the debt limit. that's the headline in "usa today." the bill would buy time and would set the stage for a physical fight. house republicans are scheduled to vote today to extend a $16.40 trillion at the opening salvo in a renewed battle this year to
. really what the administration says is they support a long-term increase in the debt ceiling and the reason why the people of the united states have not heard of this controversy is because the normal course of business, constitutionally, is for the congress to consult with the treasury, the treasury to consult with the congress, the debt ceiling is raised in a manner that protects the general welfare of the american people. but now we have a proposal that is driven by polling and brinksmanship. this is not the way to run a country. i heard a comedian some years ago say what a great country, and we are a great country. i love america. the constitution emphasizes the greatness of this nation. but we don't play politics with something that is the ordinary course of business. spending cuts is a responsible way to govern, but it is to govern in a way that we sit at the table of reconciliation and we don't break the backs of seniors who relies on medicare and social security and veterans benefits. what we do is we sit at the table and we understand how to deal with the oncoming is
inauguration speech. and then there's the debt ceiling. dull. no one was particularly surprised today when republicans began bashing speech. he offered a liberal vision - touching on preserving the social welfare safety net. some thought it overly partisan and aggressive. >> "the era of liberalism is back.unabashedly far left of center inauguration speech" congress to pass tighter gun the presidential inaugural celebrations came to end. and president obama iscoming up. his broad and ambitious agenda for his second term. and why republicans probably won't be making it any easier during the next four the investigation underway. into what caused this massive fire at an airforce base yesterday. the 40th anniversary of the so far president obama has laid out a broad and ambitious agenda for hisbut signs are scant negotiating with republicans will be any easier for the next four years. on tuesday the inaugural celebration was capped off cathedral in washington. now the president begins a second term - with plenty on his plate. threat of climate change >> reporter: in his inaugural addreess -obam
stocks, overall, will head up. cheryl: there is a lot happening. with the big vote on the debt ceiling extension so short-term. it will give lori and melissa a lot to do in the next few moments. lori: thank you. good afternoon. i am lori rothman. melissa: and i am melissa francis. the extension of the debt ceiling. will it make the markets feel any more confident? lori: in the meantime, lou dobbs is here. secretary of state hillary clinton testifying on the benghazi attack. melissa: is the economy and low beer? we have an exclusive interview with the american trucking corporation bill graves. lori: the big apple shrinking? the new trend of micro- apartments in manhattan. 250 square feet. melissa: time for stocks now as we do every 15 minutes. let's head to the floor of the new york stock exchange where nicole petallides is standing by. nicole: i saw pictures of those apartments, i would love to buy one. they actually look very cute. let's take a look at some of the earnings related names. let's start at mcdonald's. it is up about a half% here. they expect the management -- that is not
much, sue. let's get back to the breaking news in washington. a vote on the debt ceiling. we will get to john harwood in a moment on what it means for the white house and senate. but first, apple eamon javers on the hill. >> we expect it to pass, maybe tighter than republicans would like the vote count to be, but ultimately what the pleasure would do is extend the debt measure through to may 19th and politically what it does is rearranges the order of the fiscal fights we will have over the next couple of months and it means we will fight first over the sequester. remember that's that across the board budget cut postponed during the fiscal cliff fight in december and january. now that will be the first fight up at the beginning of march. republicans feel that that is a much more safe political ground for them to fight on than to fight over the debt ceiling which of course could threaten a default on the nation's obligations so we do expect this vote within the next couple of minutes here to pass by republicans, then it will go over to the senate side and the white house has signalled
not raise the debt ceiling. especially in the absence of changing the way we do business here, starting with the approval of a the budget. it is thought to be compassionate to spend money that is not yours that is the next-generation? for our country to have growth and economic opportunity, there is no question that it is a drag on that opportunity. we have a chance to right this wrong. >> is on the senate budget committee and i can tell you that the most disappointing part is it about not doing a budget for this country in the senate. it is incredibly disappointing and it blows my mind that the senate democrats have not been willing. senators have talked about the fact that the ipad is in existence. most of my life we have not had a budget and prioritizing spending. when i think about that, i know it is about him. because we can do a budget for this company and we can't prioritize benning have a fiscal blueprints make sure that we get ourselves on the responsible path, it is about all of us, my son, every child in this nation, what future and opportunities they will have in this great
boehner after the passage of a bill that temporarily suspends the $16.4 trillion debt ceiling through mid-may. it passed in the house of 285-144. briefing is about 15 minutes. [captions copyright national cable satellite corp. 2013] [captioning performed by national captioning institute] >> good afternoon everyone. with the passage of this bill today, it's pretty clear that we are sending a message to the democrat-controlled senate, it's time to do your job. the principle is pretty simple. no budget, no pay. american families have to do a budget and they understand you can't continue to spend money that you don't have. we're committed to doing a budget on the house side, a budget that will balance over the next 10 years. it's time for the senate and the president to show the american people how they are willing to balance the budget over the next 10 years. >> today's vote was the first step towards trying to resolve the nation's fiscal crisis in a responsible manner. look forward to working with the white house and the senate to do so. it's interesting to note with after almost four years
the house is located raising the debt ceiling temporarily and also a clause that could get them from getting paid. keep it here on fox business. [ indistinct shouting ] ♪ [ indistinct shouting ] [ male announcer ] time and sales data. split-second stats. [ indistinct shouting ] ♪ it's so close to the options floor... [ indistinct shouting, bell dinging ] ...you'll bust your brain box. ♪ all onhinkorswim from td ameritrade. ♪ [ male announcer ] how do you make 70,000 trades a second... ♪ reach one customer at a time? ♪ or help doctors turn billions of bytes of shared information... ♪ into a fifth anniversary of remission? ♪ whatever your business challenge, dell has the technology and services to help you solve it. david: shares of netflix considering to soar, 129: the fourth-quarter earnings beat. back to nicole on the new york stock exchange. who would have guessed a 21% increase after hours on netflix. nicole: when you were talking the earnings season, this is one that is hot right now and will be certainly one to watch tomorrow. take a look at this bid. netflix in that $1
debt ceiling deal. the u.s. house of representatives gave the okay to a republican plan to suspend the debt limit until may 19. democrats in the senate now say they'll pass it too. darren gersh reports. >> reporter: the debt ceiling suspension came with a couple strings attached. if senate democrats don't pass a budget-- something they haven't done for four years-- members of congress won't get paid until they do. >> this bill simply says, "congress, do your job." when i grew up in wisconsin, if you had a job and you did the work, then you got paid. if you didn't do the work, you didn't get paid. it's that simple. >> house democrats called the pay ploy a gimmick and said a 90 day reprieve from default simply moves the crisis back. >> for the last two years, we've heard from our republican colleagues economic uncertainty is bad for the economy. guess what? it is. and yet that's exactly what you are doing. another big dose of economic uncertainty. >> reporter: republicans shifted gears on the debt ceiling after a strategy session last week. worried that they have lost the public deba
to davos today. >> reporter: yeah. so the republicans are going to vote on suspending the debt ceiling which is lot of people think it's a good idea to do forever. they won't have much opposition with that. and cantor with a conessional delegation, they'll come over to davos, he'll be in a panel on friday, and we'll talk to him when he gets here about the budget, about the debt ceiling debacle in the united states and about whether or not america with sort of capture this economic dinahism that you say talk about so much in the face of all of these problems going on in washington, the congress and inability to get anything done. can we actually overcome that and have a great year. >> all right. ali velshi? davos. thank you. so nice to see you. so interesting, too, they talk about how the future will not be a u.s. and europe led world. it's china, india, some of these emerging markets. they talks about the next 100 year, not necessary lit next quarter. >>> high drama below ground. coming up, the race to save a woman who falls on to the subway tracks. [ construction sounds ] ♪ [ watch
gives john boehner a blessing to push through a temporary suspension of the debt ceiling, but will republicans fall in line? we'll discuss the gop's deficit dilemma when luke russert joins us next on "now." jenna shared her recipe with sharon, who emailed it to emily, who sent it to cindy, who wondered why her soup wasn't quite the same. the recipe's not the recipe... ohhh. [ female announcer ] ...without swanson. the broth cooks trust most when making soup. mmmm! [ female announcer ] the secret is swanson. mmmm! itbut sleep train's huge foyear eends sunday. salels, get beautyrest, posturepedic, even tempur-pedic mattress sets at low clearance prices. save even more on floor samples, demonstrators, and closeout inventory. plus, free same-day delivery, set-up, and removal of your old set. don't wait, sleep train's year end clearance sale ends sunday. superior service, best selection, lowest price, guaranteed. ♪ sleep train ♪ your ticket to a better night's sleep ♪ >>> today, the house is expected to pass a bill that would suspend the debt ceiling for three months wit
that doesn't mean there's any guarantee of the result and to use the debt ceiling as a lever i think is a very serious mistake. after the credit of this country was downgraded, a senior director of standard & poor's -- this was right after it -- said the following about american political institutions that they were undermined -- i quote -- that people in the political arena were even talking about a potential default. and essentially this bill does that. and if i might say to mr. ryan, we're on the same floor. we talk to each other a lot anyway. i think it will be helpful in regular order if there were a budget brought to the floor of the house that had bipartisan support and was a product of regular order with strong bipartisan support in the budget committee and on the floor. thank you. >> thank you very much. >> we look forward to your support. \[laughter] >> mr. ryan. >> participation. >> a new issue has just been brought up by the gentleman and that is perhaps the timing, do you believe that this is timely and that you've given people an opportunity rather than waiting un
and benghazi.to the fall- out from his inauguration speech. and then there's the debt ceiling. things are not going to be dull. no one was particularly surprised today when republicans began bashing the president's inauguration speech. he offered a liberal vision - touching on and preserving the social welfare safety partisan and aggressive. >> "the era of liberalism is back.unabashedly far left of center inauguration speech" >> catherine: white house cameras caught the president and first lady surprising tourists at the white house today. it's not usually part of the tour. but then it was back to work. one of the first tests of the president's second term comes quickly this week. chuck hagel - his choice as defense secretary has to win over hostile republicans. there's a senate hearing this week. john kerry on the other hand - is expected to breeze through his thursday hearing.as the choice for secretary of state. another key hearing. hillary clinton - who still holds that job - is set to testify on the attack on the american mission in libya wednesday. where she could be grilled on
and pass a bill to yet another fight over the debt ceiling. the most important aspect of this legislation is though boat and the house today that it surrenders the hostage republicans took in a decoupled for the full faith and credit of the united states because social security and medicare or anything else. this is a clean debt limit increase. we'll set the precedent for future debt ceiling extensions will have to have. by passing this bill, republican joint democrat to say we will not hold the full faith and credit of the united states hostage. we will pay the bills we have incurred. over the last two years, the bipartisan budget control act has been in love is in place of the congressional budget. so folks, please, every time you hear republicans talking about are not having passed a budget, understand it is not true. in fact, republicans voted on the budget control act. they hope this passÉ. it was a law. as senator murray announced today, this year the senate will return to regular order in the budget resolution to the senate floor. the house republicans had to add a gimmick or to t
. thanks for having me. melissa: so if you can put aside the debt ceiling debacle and the fiscal cliff fiasco there is actually hopeful news in the housing market. cillo says last year national home values rose almost 6%, nearly double the historical average. we haven't seen annual gains like that since the peak of the housing bubble back in '06 but exerts say it will not last. we want to make sure our viewers on "money" don't his the boat. we have zillow's chief economist, here in a fox business exclusive. great to have you back on the show, stan. let me start with why you think thi can't last. >> great to be here, melissa. yeah, definitely, to see 6% appreciation nationally first year after the housing market reached a bottom is somewhat unprecedented from what most economists were expecting given the high foreclosure rate and negative equity rate. the negative equity rate is contributing and price spikes. people can't sell their houses even though there is new demand moving into it. the only way markets respond is by the price spikes. that's why we're seeing price spikes above 22% i
the debt ceiling until may 19, then resetting the cap to cover any borrowing over the current limit-- $16.4 trillion. and for now, republicans will not force immediate spending cuts. the party's new strategy would achieve that goal by forcing congress to pass a budget. house budget committee chair-- and last year's vice presidential nominee-- paul ryan. >> here's the point, we have a law, it's called the budget act, it requires that congress passes a budget by april 15. all we're saying is, "congress, follow the law, do your work, budget. and the reason for this extension is so we can have the debate we need to have." >> ifill: as added incentive, the house bill says, if there is no budget, then lawmakers won't get paid. after it passed today by a bipartisan vote of 285 to 144, speaker boehner said he's optimistic that will happen. >> if both chambers have a budget. democrat budget from the senate, republican from the house now you've got competing visions, for how we address this problem. out of those competing visions, we're going to find some common ground. >> ifill: but house minority
, it is yours. connell: congress set to make a move on the debt ceiling. art laffer is coming up. dagen: playing some defense. the jpmorgan ceo lashing back at critics. more regulation is needed. connell: testifying on the benghazi attack and why moore could not have been done to save americans who died in libya. we will talk about that. dagen: stocks now and every 15 minutes. nicole: we are seeing the dow and the s&p hitting five-year highs. we are in quite an environment. nowhere near that 6500 mark where we were for the dow. we have seen a lot of names on the dow doing well today. microsoft, united, disney. we have had earnings season. we are all waiting on the debt ceiling and, obviously, that is something that looms over. google is up 6% now. as we await each one, it certainly can be a market moving event. after the bell, we will have apple and netflix. dagen: ridge edson is standing by on capitol hill with much more. rich: nothing is really set in stone. this bill would extend the debt ceiling until may 19. it requires the house and senate to pass a budget. if they pass a budget resolution
negotiate the debt ceiling. high unemployment, social unrest. again, we learn from the mountain. baby steps to build confidence. >> your free ski slowly. we feel what we are doing. then we get confident and we get faster and faster. >> reporter: but economic growth seemingly won't go faster. there's always the risk in the global economy that something goes wrong. snowboarders are like central bankers. they have their own way of treading down the mountain. for bankers it means printing money. it's brutal economics. what's the secret to snowboarding? you pick up speed too quickly and you end up falling over? >> no, come on. you need to move. >> reporter: why do you like snowboarding? you go too fast, too quickly, and fall over. >> not necessarily. >> reporter: perhaps the best lesson to be learned in managing risk comes from the cross-country skier, those hearty experts of slow, steady progress taking huge amounts of energy. >> you need to be fit with the whole body, not only with parts of your body. >> you make the power around. you can slowly or you can a lot of speed. at your pace. >> repo
a debt ceiling bill doing nothing but pushing of the problem until making the can down the road. and new york congressman sat -- has me upset tonight. they're going to want to you this. stay with us. albrecht, he could not be more wrong. ♪ gerri: to people in the south cling to their guns and religion? is that part of the country something we need to overcome? my thoughts in 60 seconds. ♪ ♪ gerri: i have to tell you, nothing, nothing gets under my skin faster than and new yorker calling out the south which is exactly what happened recently in a tv interview. new york congressman telling the most other states should adopt gun laws exactly like the one passed in the state of new york. >> new york, it's a little different and more progressive and a lot of areas and some other states. some of the southern areas of cultures that we have to overcome. gerri: cultures that we have to overcome. all right. i forgot. the south is still a backwater to new york. the region languishes in a post antebellum haze of poverty and backwardness. in truth, my friends, the south has benefited from long-t
's going through? punting the debt ceiling. a vote is going to go through today. >> punting it down three more months. >> hal: a three-month wait to deal with -- >> because why get done today what you can put off? >> hal: because people are still glowing in the aftermath of the inauguration. people are still recognizing the president -- their message that the president isn't interested in deficits and handling it because he did mention it in his inauguration. he did mention doing in a balanced approach and the american people agree with him on that part. so if they have to act on it in the next week, people are still that much engaged. they're hoping in three months the american public will disengage enough for them to create another false narrative. >> so when we talk about rating the debt ceiling. we've already racked up the bills and we have to pay them. that's an obvious -- that's the fact. >> hal: right. >> they like to combine the two right and make it about future spending and paying off the bills. the president says it over and over and over again but it doesn't stick. don't under
. >> and republicans reached a deal on the debt ceiling but there's a catch. the latest from washington. coming up next. >> from the cbs 5 weather center, good afternoon, everyone. sure, we have some rain showers in and around the bay area. that's our live camera looking out towards mount vaca. the rain and how long it will stick around as eyewitness news continues right here on cbs 5. about to pay more the next time you mail. the u-s postal >>> hope you stocked up on forever stamps because if you didn't, you're about to pay more the next time you mail out. the u.s. postal service is upping the cost of a stamp by a penny this weekend. now it will cost 46 cents to send a letter. 33 cents for a postcard and for the first time ever, the postal service is going to start offering a global forever stamp for $1.10. >>> there is a truth in the battle over the debt limit. the house passed a bill that business the country another 4 months before default but the measure forces the senate to do something it hasn't done in four years. cbs news reporter randall pinkston expla
said we will raise the debt ceiling for a couple months and, you know, there you go. we haven't gotten any of the real work done? >> it was a short-term punt but i think it was pretty shrewd move by the republicans because you can't default on our debt. if interest rates went up even slightly the amount of interest we would have to pay on our $16 trillion debt would be enormous. you can't do that. it would be shooting ourself in the foot. they tried closing down the government back in the 1990s. that didn't didn't work too well. they're focusing on what is called the sequester, which are across the board spending reductions. that's where i think they will make their stand. we'll have a good robust debate about the level of spending we'll have in this country. the cuts in the sequester are too much for the pentagon for republicans to like. that will be focus rather than having republicans blamed for defaulting on the debt or shutting down the government. that was a shrewd move on their part. melissa: everybody talks about we need to get entitlement spending uncontrol. we need to balance
for a temporary lift to the debt ceiling. the house is expected to approve legislation on wednesday that would raise the debt limit for three months without any cuts to spending. members of the congress believe they can come up with a spending plan during that window. honda of campbell also introduced legislation for a back up plan that would prevent the worse fiscal cliff. >> i think we should have a process that addresses that so that it doesn't become a barrier or a political football. >> the last time lawmakers fought over the debt ceiling two years ago the country's credit rating was downgraded. >>> on wall street, stocks closed higher despite mixed earnings. >>> president obama began the first day of his second term with a traditional postinaugural prayer service. the president and first lady were joined by vice president biden and his wife at the washington cathedral this morning. the national prayer service dates back to the first inauguration of george washington. the interfaith service included prayers and readings from christian denominations along with islam, judisim and the sikh r
to pass the bill, to see if their members, who have pledged not to raise the debt ceiling, who said they wouldn't do it unless there were deep cuts for every dollar, for every dollar that the debt ceiling was raised, a dollar in cuts. >> sure. >> let's see what they do tomorrow. >> congresswoman jan schakowsky, thanks for joining us tonight. appreciate it so much there a lot more coming up in the next half hour of "the ed show." stay with us. >> this is our generation's rendezvous with destiny. >> republicans can't win elections with their policies. so rights in the gang are hard at work rigging the electoral college system. the latest stunner from virginia is next. >> he's had it with taxes. he says he's going to take drastic action. he says he's had enough. >> legendary golfer phil mickelson is complaining about his new tax rates. we'll tell you why he should stick to golf. >>> and the pbs series "frontline" is out with a new documentary about a lack of accountability on wall street. >> in the due diligence world, fraud was the f word. you can't use that word. >> correspondent mar
the debt ceiling increase. just as it would be to raise the debt ceiling without any meaningful cuts, just as senator phil graham got back in 1985 i believe it was, with graham-rudman -- graham rudman and so many of the debt increases that accompanied that was part of the deal with restrictions on spending. there are so many things going on in the world today that are just staggering. we know we have secretary of state, hillary clinton, testifying today. one report here today says that secretary clinton quickly interrupted one senator that contradict him and stress that she did not see request for additional security to protect the benghazi mission. extremely unfortunate. that people in our state department committed to helping to this country would make cries for help over a period of months, over a period of years, even going back to when ambassador rice was with the state department, and people were killed an american embassy request had been made for extra security that went unheeded. here it came again and apparently there were a number of people that made requests, including one of t
on the dealt ceiling. they have the votes to pass a short-term debt ceiling increase today. they will look for deep spending cuts later. it would suspend the debt limit to allow the u.s. to keep borrowing money to pay bills for three months. complicated but politically interesting. in exchange, calling on the senate to pass a budget by spring. >>> so lady fwgaga playing at t inaugural campaign bash for staffers and a special guest with her. tony bennett to sing a duet for "the lady is a tramp" sang they like so much. bennett also performed for several other presidents. >>> tough news for lady gaga. justin bieber passed her on twitter. justin bieber the most followed person on theet earth. approximate 33,300,000. >> i'm sure my daughters follow him. i will have to ask them. maybe i should follow him. >> 33,300,001 with soledad. >>> did beyonce lip sync. here is how it went on inauguration day. ♪ and the rocket's red glare the bombs bursting in air gave proof through the night that our flag was still there ♪ >> so much fun to watch in person. we were really like right up in front. the ma
to delay a debate over the debt ceiling. chief capitol hill correspondent kelly o'donnell has more. good morning. >> reporter: good morning, natalie. this is to avoid those showdowns we've seen the past two years. it would give the government more time to borrow. while democrats would like a longer term solution, the white house says it would go along. >> most americans believe you don't do your job, you shouldn't get paid. >> reporter: today's vote is a tactical shift in the gop playbook, putting on hold their demand for a debt ceiling increase only with spending cuts attached. >> it's a concession by republicans that they were not going to be able to win a spending cut fight using the debt ceiling vote. >> reporter: the clock is ticking. the country will max out its credit card at $16.4 trillion in several weeks, risking possible default on the nation's debt unless congress okay's more borrowing. the house is considering a short-term fix. lift the debt ceiling for a few months to take the pressure off, but require both house and senate to pass a budget. if they fail, congress would not
's scratching their heads. and now with the possibility of having the debt ceiling extension out to may, what you're going to see now is traders and other people that have positioned themselves to sell short-term volatility and buy it out to march. especially in the vix. now that's going to get rolled out to april, to may. you'll see this continued complacency. and when i say complacency, i don't think that's a bad thing. but the continued complacency in kind of this area of low volatility. that's just going to get extended out now. we get a couple more big earnings or good earnings surprises. and say apple comes out today with -- with some good guidance, we could see the vix call to the 11 handle which is really -- that's almost unprecedented. >> continued complacency, but the news of earnings is pushing forward? you can't fight the trend? >> no, you can't. what i'm seeing is traders especially that have wanted to be short or traders that have been buying, you know, upside calls in the vix, they're almost ready to throw in the towel. it's almost -- i don't. to say a capitulation, but guys do
, today republicans in the house are expected to vote on a plan that's going to defuse the debt ceiling crisis at least temporarily. republicans are planning to offer legislation that will suspend the enforcement of the federal debt limit for at least three months, allowing the government to keep borrowing money to pay for all of its current obligations. in exchange, the house gop'ers want the democratic-controlled senate to do something they haven't done in 1,365 days, pass a budget. something that body hasn't done since 2009. now, instead of demanding spending cuts, republicans have added a provision to the bill that would suspend lawmakers' own paychecks if their chamber fails to pass a budget by april 15th. that's a lot like actually the no labels, no budget, no pay plan that that organization's been dealing with, talking about for a long time. michael steele, i think that's a great idea. >> i do, too. >> if you don't do your job -- >> why get paid for it? >> and the democrats in the senate haven't done their job in that many days, why pay them? >> i don't think you should. in fact,
months, giving the president the debt ceiling increase that he wanted till may. the house passed the measure by 285-144 vote and it's a bipartisan showing on an initiative brought fourth by the republicans to control that chamber, days after president obama gave an inaugural speech at that seemed to carry some pointed attacks directored at the republican party. here are excerpts of that. >> we reject the belief that america must choose between caring for the generation that built this country and investing in the generation that will build its future. we do not believe that in this country freedom is reserved for the lucky. or happiness for the few. the commitments we made to each other, through medicare, medicaid and social security. these things do not sap our initiative. they strengthen us. [applaus [applause]. they do not make us a nation of takers, they free us to take the risks that make this country great. we, the people, still believe that enduring security and lasting peace do not require perpetual war. we cannot mistake absolutism for principles or substitute spectacle
cuts. it could be a key to the house vote today on the debt ceiling battle. nancy cortes is on capitol hill. good morning. >> reporter: good morning. that vote is set to take place in the next couple hours. this is the week we thought the big fight over raising the debt ceiling was going to get under way. that's something senate democrats haven't managed to do since 2009. no budget, no pay. that is the message from the house republican leader. >> americans believe if you don't do your job, you shouldn't get paid. that's the basis for no budget, no pay. >> reporter: the bill they will be voting on today calls for a temporary suspension of the debt ceiling until mid-may, but it requires the house and senate to craft budgets by april while members' salaries will be held in escrow. paul ryan explains the strategy. >> in the house, democrats and republicans have been leading by offering budgets and offering alternatives. the senate hasn't even done that. all we're saying is let's get the senate in here to do that to see how we're going to figure out the p
really hit the limit. the president has asked for a very large increase in the debt ceiling, and some in the administration have called for no limit at all. others in the administration and in the house are calling for congress to give up its authority to set the debt limit, rather amazing, thus giving the executive branch unilateral authority to borrow. this is not a good idea. if the federal government does not collect enough revenue to pay for all of its spending obligations, it must borrow to make up the shortfall. everybody knows that. we are borrowing about now 42 cents of every dollar we are obligated to spend. now, this is clearly, i think everybody would agree on either side of the aisle and the public, this is an unsustainable situation which will only get worse if we do not begin meaningful discussions over our spending priorities, including, including entitlement spending to strengthen and preserve those programs for future generations. the national debt is growing. everybody has seen that chart. about $16.4 trillion. the total public debt outstanding at the end of the thi
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